N.J.S. § 17B:32A-5 New Jersey Life and Health Insurance Guaranty Association Created

• Library: New Jersey Permanent Statutes
• Edition: 2023
• Currency: Current through L. 2023, c. 194.
• Year: 2023
• Citation: N.J.S. § 17B:32A-5

a. There is created a nonprofit legal entity to be known as the New Jersey Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority or license to transact insurance, health service corporation business, hospital service corporation business, medical service corporation business, or health maintenance organization business in this State. Any member insurer shall remain a member insurer for four years after it ceases to hold a certificate of authority or license. The association shall perform its functions under the plan of operation established and approved pursuant to section 9 of P.L. 1991, c.208 (C.17B:32A-9) and shall exercise its powers through the board of directors established under section 6 of P.L. 1991, c.20...